The fund, the provider’s fourth US-listed high-yield bond ETF, is designed to provide investors with access to high-yield corporate bonds issued outside the US, including emerging markets.

SSgA suggests that international high-yield bonds may have lower correlations and default rates than comparable domestic US equivalents.

The fund is linked to the Barclays Global HY ex-US Domiciled 350mn+ Cash Pay Index. Securities in this index must have a minimum $350 million market capitalization outstanding in local currency terms and at least one year remaining to maturity.

Additionally, securities must be rated high yield (Ba1/BB+/BB+ or below) using the middle rating of Moody’s Investors Service, Standard & Poor’s and Fitch. Excluded from the index are convertible securities, floating-rate notes, fixed-rate perpetuals, warrants, linked bonds and structured products. As of February 28, 2014, the index comprised 716 securities from 46 countries outside the US.

Commenting on the launch, James Ross, executive vice president and global head of SPDR ETFs at SSgA, said: “Investors are unsure of how to replace the high-grade fixed income assets that were once the foundation of their portfolios. The SPDR Barclays International High Yield Bond ETF provides investors with another opportunity to diversify their high-yield exposure, and is an important addition to our existing suite, which includes the SPDR Barclays High Yield Bond ETF (JNK), the SPDR Barclays Short Term High Yield Bond ETF (SJNK) and the SPDR Nuveen S&P High Yield Municipal Bond ETF (HYMB).”

The fund has an expense ratio is 0.40 percent.

SSgA manages more than $413 Billion in SPDR ETF assets worldwide (as of December 31, 2013).